Marriage Loan

Marriage is one of the most significant, lavish, and auspicious occasions in your life. It is also one of those life events where people always feel that no amount of money is sufficient to spend; There is no limit on the expenses one can spend during marriage. However, it is not a sane idea to ruin your hard-earned finances by going berserk on marriage expenses. That’s why, a marriage loan! 

Yes, a marriage loan is one of the ideal ways to fund your marriage expenses! The reason: it helps you make your special day more memorable and beautiful without hurting your finances!

With a personal loan for marriage, you can get an instant personal loan with a loan amount ranging from 50,000 to 50 lakhs rupee with a flexible repayment tenure ranging from 12 to 72 months. Also, you don’t need to submit any collateral against the loan amount. You can use the wedding loan amount to fulfill your various marriage expenses—Designer wedding clothes, booking an exotic venue for marriage, pre-wedding shoot, candid photography, choreographer booking, catering, and so many other things.

Marriage Loan Interest Rates of Top Banks 

You can check the marriage loan interest rates of some of the top banks in India in the below table. 

Eligibility Criteria for Marriage Loan

To get a marriage loan, you should qualify for the basic eligibility criteria. Any lender checks several aspects before sanctioning you the personal loan amount. You can check the important conditions related to the marriage loan eligibility criteria below. 

• Both salaried and self-employed individuals can apply for a marriage loan. 
• An individual must be a resident citizen of India to get a wedding loan.
• For salaried individuals, the eligible age ranges from 21 to 60 years, while for self-employed, it ranges from 24 to 65 years. 
• The minimum monthly income for salaried individuals will depend on the location. 
• An individual should have a credit score of 750 or above to get the desired wedding loan amount in a hassle-free manner. 
  

Documents Required for Marriage Loan

While you apply for a marriage loan, you must submit the right set of documents. The reason: a single missing document can lead to the rejection of a wedding loan application. Check out the list of required documents mentioned below. 

• Duly filled application form with recent passport-sized photographs
• Identity Proof - PAN Card/ Aadhar Card/ Driving License/ Passport
• Residence Proof - Aadhar Card/ Bank Account Statement/ Passport/ Driving License/ Telephone Bill
• Income Proof for salaried individuals - Salary slips or bank statements of the last 3 months
• Income Proof for Self-employed individuals - Previous year ITR or bank account statement

Features of Marriage Loan

With a marriage loan, you can fund your BIG day in a unique style without any last-minute worry about money! Let’s check out some of the amazing features of a wedding loan!

• Higher Loan Amount: With a marriage loan facility, you don’t need to worry about your desired loan amount as you can get up to 50 lakh rupee. Remember the loan amount given to an individual may vary from one individual to another depending on the eligibility.
• Competitive & Affordable Interest Rates: The interest rate is one of the key aspects of a marriage loan as it directly affects your repayment amount. With the personal loan for marriage facility from Betterhalf, interest rates start from 10.25% per annum. However, the final rate will depend on several factors such as age, repayment capacity, monthly income, location, employment type, etc.
• No Need for a Collateral or Security: Since a marriage loan is a type of personal loan, an unsecured loan, you don’t need to submit any collateral or security in return for the loan amount.
• Flexible Tenure: A wedding loan allows you to repay the loan amount as per your desired time. You can choose from options ranging from 12 to 72 months. Do remember that your repayment amount (EMI) will depend on the tenure. ‍
• Digital & Paperless Process: You don’t need to go anywhere to apply for a personal loan for wedding; you can do it from your home. The overall process is digital and paperless. Once you submit your application, you will get the loan amount into your bank account if you get the approval.
  

Benefits of Marriage Loan

One of the most common questions that people ask before taking a wedding loan is whether there is any benefit of a personal loan for wedding. Well, here are some of the benefits that you should check. 

• First and foremost, you are free to use the marriage loan amount on any desired expense as per your convenience. Whether you want to book the venue, catering, decoration, Mehendi, photography, or anything else, a marriage loan is a solution.
• Since a wedding loan is an unsecured loan, you can get the loan amount easily with minimal documentation. Also, the eligibility criteria are quite simple. So, you can easily qualify for the desired loan amount.
• With the help of a personal loan for marriage, you don’t need to break or liquidate your investments like fixed deposits, recurring deposits, etc. So, your finances remain in shape. 
• As told earlier in the features, you can choose repayment tenure as per your repayment capacity and pay the wedding loan amount in easy installments.